Finished Goods Inventory 8,800 Work-in-process inventory is made up of three jobs with the following costs: Job 116 $3,785 4,420 2,652 Direct materials Direct labor Applied overhead Job 114 $2,395 1,860 1,116 Job 115 $2,634 480 888 During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $28,720. b. Materials requisitioned: Job 114, $16,000; Job 115, $12,530; and Job 116, $5,040. c. Job tickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, 240 hours at $15 per hour; and Job 116, 100 hours at $17 per hour. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,335. f Job 115 was completed and transferred to the finished goods warehouse. g. Job 115 was shipped, and the customer was billed for 125 percent of the cost. Required:

Finished Goods Inventory 8,800 Work-in-process inventory is made up of three jobs with the following costs: Job 116 $3,785 4,420 2,652 Direct materials Direct labor Applied overhead Job 114 $2,395 1,860 1,116 Job 115 $2,634 480 888 During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $28,720. b. Materials requisitioned: Job 114, $16,000; Job 115, $12,530; and Job 116, $5,040. c. Job tickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, 240 hours at $15 per hour; and Job 116, 100 hours at $17 per hour. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,335. f Job 115 was completed and transferred to the finished goods warehouse. g. Job 115 was shipped, and the customer was billed for 125 percent of the cost. Required:

Name: Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cos
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Description: Predetermined Overhead Rate, Application of Overhead to Jobs, Job CostOn April 1, Sangvikar Company had the following balances in its inventory accounts:Materials Inventory$12,900Work-in-Process Inventory21,230Finished Goods Inventory8,800Work-in-pr

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost of Goods Sold, Cost of Goods Manufactured Manhattan Company has the following information for November: Cost of direct materials used in production $230,700Direct labor 267,000Factory overhead 155,800Work in process inventory, November 1 59,600Work in process inventory, November 30 63,300Finished goods inventory, November 1 42,600Finished goods inventory, November 30 44,100 For November, using the data given, prepare a statement of Cost of Goods Manufactured.
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In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800. Manufacturing overhead totaled $35,200 for the month. Information on inventories was as follows: July 1 July 31 Materials $6,820 $7,810 Work in process 770 1,320 Finished goods 3,630 2,970 What was the cost of goods sold for July? Group of answer choices $77,220 $69,600 $71,300 $71,100
Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
The inventory at June 1 and the costs charged to Work in Process - Department “23” during the month of June are as follows: Inventory in process, June 1 3,800 units, 80% completed ($25,000 Materials; $35,400 conversion) $ 60,400 Costs added during June Direct materials, 32,000 units 368,000 Direct labor 244,000 Factory overhead 188,000 Total cost to be accounted for $860,400 During June, a total of 31,200 units were completed and transferred out to finished goods. Also, 32,000 units were placed into production during the month of June. On June 30, the inventory of work in process consisted of 4,600 units which were 40% completed. Inventories are costed by the first-in, first-out method and all materials are added at the beginning of the process. Determine the following, presenting your computations: (a) the number of equivalent units for Conversion for production (b) conversion cost per equivalent unit and material…
Unit Cost, Ending Work-in-Process Inventory, Journal Entries During August, Skyler Company worked on three jobs. Data relating to these three jobs follow: Job 39 Job 40 Job 41 Units in each order 70 100 80 Units sold — 100 — Materials requisitioned $700 $690 $800 Direct labor hours 420 400 200 Direct labor cost $2,268 $2,440 $1,220 Overhead is assigned on the basis of direct labor hours at a rate of $2.20 per direct labor hour. During August, Jobs 39 and 40 were completed and transferred to Finished Goods Inventory. Job 40 was sold by the end of the month. Job 41 was the only unfinished job at the end of the month. Required: Question Content Area 1. Calculate the per-unit cost of Jobs 39 and 40. Round unit costs to nearest cent. Job 39 $fill in the blank d1e7ba00003bfe7_1 per unit Job 40 $fill in the blank d1e7ba00003bfe7_2 per unit 2. Compute the ending balance in the work-in-process inventory account. $fill in the blank d1e7ba00003bfe7_3…
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